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3-Year Return on Invested Incremental Capital (3-Year ROIIC %) measures the change in earnings as a percentage of change in investment over 3-year.
GFL Environmental's 3-Year ROIIC % for the quarter that ended in Dec. 2025 was -21.13%. High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
The industry rank for GFL Environmental's 3-Year ROIIC % or its related term are showing as below:
TSX:GFL's 3-Year ROIIC % is ranked worse than 82.61% of 230
companies
in the Waste Management industry
Industry Median: 3.505
vs TSX:GFL: -21.13
Return on Incremental Invested Capital (ROIIC) is an extension of Return on Investment Capital (ROIC). ROIC % tells investors how efficiently that profitability is earned per dollar of company capital. ROIIC narrows the focus even further and shows how profitable each additional unit of capital investment could be. ROIIC % is a more powerful metric than ROIC because it measures how much money the company can generate going forward on future capital investments.
High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
Be Aware
It's important to keep in mind that when tracking ROIIC, the metric is better suited to forecasting the trend of future returns rather than measuring current return on investment.
GFL Environmental 3-Year ROIIC % Related Terms
GFL Environmental 3-Year ROIIC % Historical Data
* Premium members only.
The historical data trend for GFL Environmental's 3-Year ROIIC % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
TSX:GFL vs CLH, CWST, ONT: 3-Year ROIIC % Comparison
For the Waste Management subindustry, GFL Environmental's 3-Year ROIIC %, along with its competitors' market caps and 3-Year ROIIC % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
GFL Environmental 3-Year ROIIC % vs Waste Management Industry
For the Waste Management industry and Industrials sector, GFL Environmental's 3-Year ROIIC % distribution charts can be found below:
* The bar in red indicates where GFL Environmental's 3-Year ROIIC % falls into.
GFL Environmental's 3-Year ROIIC % for the quarter that ended in Dec. 2025 is calculated as:
3-Year ROIIC %
=
3-Year Incremental Net Operating Profit After Taxes (NOPAT)**
/
3-Year Incremental Invested Capital**
=
( 346 (Dec. 2025) - 20.34501 (Dec. 2022) )
/
( 18532.7 (Dec. 2025) - 19767 (Dec. 2022) )
=
325.65499
/
-1234.3
=
-26.38%***
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
** Annual data of NOPAT and Invested Capital was used to calculate 3-Year ROIIC %.
*** Please be aware that the ROIIC (Return on Invested Capital) calculations are based on company-level data using the primary share class. The calculated data provided is for demonstration purposes and may slightly differ from the results displayed in the title due to potential variations caused by currency exchange rate differences throughout the year.
GFL Environmental (TSX:GFL) has a 3-Year ROIIC % of -21.13 as of Dec. 2025. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on GFL Environmental and its competitors. According to the industry distribution chart, GFL Environmental ranks #190 out of 230 companies in the Waste Management industry, placing it in the top 82.6%.
Is GFL Environmental's 3-Year ROIIC % too high?
GFL Environmental's current 3-Year ROIIC % is -21.13. Based on the distribution chart, GFL Environmental ranks #190 out of 230 companies in the Waste Management industry, which is in the bottom quartile relative to peers. Overall, GFL Environmental has a GF Score™ of 69/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does GFL Environmental's 3-Year ROIIC % compare to CLH and CWST?
According to the Waste Management industry distribution chart, GFL Environmental ranks #190 out of 230 companies for 3-Year ROIIC %. This places GFL Environmental in the lower half of its industry. The industry median 3-Year ROIIC % is 3.51. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good 3-Year ROIIC % for a Waste Management company?
The median 3-Year ROIIC % among Waste Management companies is 3.51, based on 230 companies in the industry. Companies in the top quartile (top 25%) have a 3-Year ROIIC % significantly above this median, while those in the bottom quartile fall well below. However, 3-Year ROIIC % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high 3-Year ROIIC % mean?
A high 3-Year ROIIC % can signal that a stock is expensive relative to its fundamentals. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on GFL Environmental and its competitors. For the Waste Management industry, the median 3-Year ROIIC % is 3.51 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. GFL Environmental's current 3-Year ROIIC % is -21.13. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is GFL Environmental stock overvalued right now?
Based on GuruFocus' analysis, GFL Environmental (TSX:GFL) is currently considered Fairly Valued. The stock's GF Value™ is C$59.67, compared to a current price of C$55.14 — trading 7.6% below its estimated fair value. The current 3-Year ROIIC % is -21.13. GFL Environmental's overall GF Score™ is 69/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is 3-Year ROIIC % calculated?
3-Year ROIIC % is calculated from a company's financial statements. For GFL Environmental (TSX:GFL), the current 3-Year ROIIC % is -21.13 as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is GFL Environmental (TSX:GFL) Overvalued in 2026?
Based on GuruFocus' analysis, GFL Environmental stock appears to be undervalued.
The current stock price of C$55.14 is trading 7.6% below its estimated GF Value™ of C$59.67.
GuruFocus considers GFL Environmental to be Fairly Valued.
Key valuation signals for TSX:GFL:
3-Year ROIIC %: -21.13
GF Value™: C$59.67 vs. price of C$55.14 (7.6% below fair value)
No single metric tells the full story. See the TSX:GFL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
GFL Environmental Inc is an environmental services company. Its offerings include non-hazardous solid waste management, infrastructure, soil remediation, and liquid waste management services. Its solid waste management business line, which generates the majority of the revenue, consists of the collection, transportation, transfer, recycling, and disposal of non-hazardous solid waste. Its Environmental Services business line includes liquid waste and soil remediation. The company's geographical segments are Canada and the United States. The company derives the majority of its revenue from the United States.
69GF Score
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